EOG Resources, Inc.NYSE
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  • Thu, Oct. 13, 6:41 PM
    • North Dakota oil production dropped below 1M bbl/day in August for the first time in more than two years, as the state's higher-cost production continues to struggle relative to other parts of the U.S.
    • Production from North Dakota’s portion of the Williston Basin fell to 981K bbl/day in August, down 4.7% from July and the lowest since March 2014; the state's peak production, in December 2014, was more than 1.23M bbl/day.
    • Lynn Helms, director of the state’s Department of Mineral Resources, expects oil production to decline to a low of ~900K bbl/day by mid-2017 before recovering.
    • Companies with a presence in North Dakota's Bakken Shale include CLR, WLL, EOG, ERF, HK, HES, MRO, OAS, QEP, SM, STO, TPLM.
    | Thu, Oct. 13, 6:41 PM | 42 Comments
  • Thu, Sep. 29, 7:15 PM
    • S&P Global Market Intelligence’s Stewart Glickman highlights four stocks - EOG Resources (NYSE:EOG), Marathon Oil (NYSE:MRO), Noble Energy (NYSE:NBL) and Cabot Oil & Gas (NYSE:COG) - that can thrive even at $45/bbl oil.
    • The firm estimates nearly 6% production growth for EOG in 2017, a current net debt to capital ratio of ~33%, and projected cash from operations at 114% of anticipated 2017 capex - fundamental metrics that give EOG "a measure of safety even if the macro picture refuses to budge."
    • Glickman sees MRO with 2% production growth in 2017, which might seem mediocre but not in the context of its net debt to capital ratio (18%) and its free cash flow percentage for 2017 (128%).
    • The firm notes NBL's sizable domestic and international operations, with the company's strong acreage position in natural gas offshore Israel as a key catalyst.
    • Glickman sees COG with production growth of 8% in 2017, led by its prolific Northeast acreage, and with a net debt to capital ratio of just 23% and a free cash flow percentage of 146%.
    | Thu, Sep. 29, 7:15 PM | 21 Comments
  • Wed, Sep. 28, 4:29 PM
    • EOG Resources (NYSE:EOG) declares $0.1675/share quarterly dividend, in line with previous.
    • Forward yield 0.71%
    • Payable Oct. 31; for shareholders of record Oct. 17; ex-div Oct. 13.
    | Wed, Sep. 28, 4:29 PM | 1 Comment
  • Wed, Sep. 28, 3:56 PM
    • EOG Resources (EOG +6.3%) is Barclays' Top Pick among natural gas producers, citing "continued progress in the Eagle Ford and Permian, strong long-term growth projections, and the recent combination with Delaware-heavy Yates Petroleum."
    • Barclays expects the Yates acquisition to add 5% to EOG's oil production and total boe production, while adding 40% to premium locations and 46% to net resource potential.
    • EOG provided strong production oil growth guidance during Q2 of 10%-20% during 2017-20, and Barclays sees balance sheet adjusted production growth of 14% in 2017 and 26% in 2018 vs. the group average of 2% in 2017 and 10% in 2018.
    | Wed, Sep. 28, 3:56 PM | 4 Comments
  • Wed, Sep. 28, 3:19 PM
    • The energy sector (XLE +4%) bursts to the top of the leaderboard after OPEC announces a planned production cut to 32.5M bbl/day at the informal OPEC meeting in Algiers.
    • Among individual energy stocks: XOM +3.8%, CVX +2.7%, RDS.A +2.8%, BP +3.4%, TOT +2.4%, PBR +4.5%, COP +6.4%, MRO +8%, MPC +1.4%, PSX +1.9%, VLO -0.1%, EOG +6.2%, PXD +6.4%, OXY +4.5%, DVN +7.9%, CLR +8.3%, APA +6.2%, NOV +8.1%, SLB +3.3%, BHI +3.6%, HAL +4.3%, KMI +3.4%, ENB +2.6%, EPD +1.9%, ETP +2.9%.
    | Wed, Sep. 28, 3:19 PM | 74 Comments
  • Tue, Sep. 6, 2:48 PM
    • EOG Resources (EOG +6.7%) surges more than 6%, as analysts say its $2.5B acquisition of Yates Petroleum strengthens its Permian Basin presence at an inexpensive price.
    • Tudor Pickering & Holt analysts say EOG is paying $7K-$8K/acre for the Delaware Basin properties, assuming a value on proven reserves that are producing and still being developed of ~$800M for the 29.6M boe/day EOG said it is picking up (48% oil).
    • Simmons analyst Pearce Hammond calculates that the deal comes in well below some recent transactions in the play, including Diamondback Energy's (FANG +0.1%) $560M purchase of Luxe Energy, which he says came in at $26K-$27K/acre.
    • Cowen analysts say EOG is paying less than $1M per new premium location, and the deal is $2/share accretive to net asset value just on initial locations.
    | Tue, Sep. 6, 2:48 PM | 3 Comments
  • Tue, Sep. 6, 7:37 AM
    • EOG Resources (NYSE:EOG) agrees to acquire privately-held Yates Petroleum as well as some of Yates' subsidiaries and other entities in a cash and stock deal valued at $2.5B, raising its position in the Permian Basin and Powder River Basin.
    • EOG will issue slightly more than 26M common shares valued at $2.3B and pay $37M in cash, and assume $245M of Yates' debt while receiving $131M in cash from Yates at closing.
    • EOG says the Yates acquisition adds ~1,740 net premium drilling locations in the Delaware Basin and Powder River Basin to EOG's inventory of premium drilling locations, a 40% increase; EOG plans to begin drilling on the Yates acreage in late 2016 with additional rigs added in 2017.
    | Tue, Sep. 6, 7:37 AM | 8 Comments
  • Wed, Aug. 24, 5:45 PM
    • Deutsche Bank analysts offer a hopeful view for top oil E&P companies as capital efficiencies continue to improve, and raise their price targets on Pioneer Natural Resources (NYSE:PXD), Devon Energy (NYSE:DVN), Marathon Oil (NYSE:MRO) and EOG Resources (NYSE:EOG).
    • Capital efficiency should improve through 2017, driven by cost concessions and continued well performance efficiency gains, and while acknowledging some near-term headwinds as rigs continue to be added in the Permian and STACK in H2, the firm says it remains constructive on a tightening market into 2017.
    • The firm lifts its price target for PXD to $210 from $180, for DVN to $55 from $45, for MRO to $21 from $20, and for EOG to $105 from $96.
    | Wed, Aug. 24, 5:45 PM | 7 Comments
  • Fri, Aug. 12, 2:31 PM
    • North Dakota's crude oil production fell 2% in June to 1.03M bbl/day, hitting its lowest level in more than two years.
    • The state's Department of Minerals Resources says production may already have dropped below 1M bbl/day and could take at least a year to recover if the level is breached.
    • But in a positive sign for the industry, the state says the breakeven price for oil production at its existing wells has slipped to $26/bbl, showing that existing production remains profitable for companies that have aggressively cut costs.
    • Companies with a presence in North Dakota's Bakken Shale include CLR, WLL, EOG, ERF, HK, HES, MRO, OAS, QEP, SM, STO, TPLM.
    | Fri, Aug. 12, 2:31 PM | 33 Comments
  • Thu, Aug. 4, 6:34 PM
    • EOG Resources (NYSE:EOG) +2.8% AH after beating analyst estimates on Q2 earnings and revenues and raising FY 2016 production guidance.
    • Despite an adjusted $0.38/share loss, swinging from a profit in the year-ago quarter, EOG increased the number of wells it plans to frack this year to 350 from 270 while keeping its budget at $2.4B-$2.6B.
    • EOG says greater efficiencies have allowed it to do more for less and earn at least a 30% after-tax rate of return on its best new wells with the oil price at ~$40/bbl.
    • EOG says Q2 crude and condensate production fell 4% Y/Y to 267.7K bbl/day, evidence of the industry's growing focus on capital discipline, but that output could rise 10% a year through 2020 with $50/bbl oil and 20% a year at $60 oil.
    • EOG also says it increased its inventory of net premium drilling locations during the quarter to 4,300 from 3,200, including an additional 390 in the South Texas Eagle Ford, EOG's largest high-return play, and more than 500 in the Delaware Basin.
    | Thu, Aug. 4, 6:34 PM | 7 Comments
  • Thu, Aug. 4, 4:32 PM
    • EOG Resources (NYSE:EOG): Q2 EPS of -$0.38 beats by $0.10.
    • Revenue of $1.78B (-27.9% Y/Y) beats by $170M.
    • Shares +3.3%.
    • Press Release
    | Thu, Aug. 4, 4:32 PM | 8 Comments
  • Wed, Aug. 3, 5:35 PM
  • Fri, Jul. 15, 3:47 PM
    • EOG Resources (EOG -0.6%) is lower after saying it expects a $44.4M non-cash net loss in Q2 on the mark-to-market of its commodity derivative contracts.
    • EOG says the net cash paid for settlements of its commodity derivative contracts during Q2 totaled $14.8M.
    • EOG says it has not entered into any further crude oil derivative contracts since filing its Form 10Q on May 5 and it has no outstanding crude oil hedges as of July 14; it has not entered into new derivatives contracts for gas since May 5.
    | Fri, Jul. 15, 3:47 PM | 2 Comments
  • Wed, Jul. 13, 2:28 PM
    • Lower costs and improved productivity have enabled U.S. shale oil drillers to made major strides in adapting to lower crude prices, energy consultant Wood Mackenzie says.
    • Shale drillers have cut the costs of producing new supplies of oil by as much as 40% in the past two years by pushing for lower rates from the companies that provide rigs, pipes and other services.
    • Wood Mackenzie estimates that oil companies could make money in west Texas' Bone Spring and Wolfcamp tight oil plays with $37/bbl oil, the Eagle Ford Shale in south Texas could turn a profit at $48/bbl, the average breakeven price in North Dakota’s Bakken Shale is $58/bbl, while breakeven at Oklahoma’s SCOOP region is $35/bbl.
    • The report says the big winners will be incumbent operators in the key shale oil patches in the lower 48 U.S. states, such as in the Mid-Continent and Permian Basin, including U.S. independents such as EOG Resources (EOG -1.7%), Pioneer Natural Resources (PXD -2.1%), Continental Resources (CLR -2.1%) and Apache (APA -1.9%), as well as oil giants Exxon Mobil (XOM -0.5%) and Chevron (CVX -0.2%).
    | Wed, Jul. 13, 2:28 PM | 17 Comments
  • Mon, Jun. 20, 7:11 PM
    • Eleven of the biggest U.S. oil and gas producers leak so much methane gas into the atmosphere every year that the emissions would be the equivalent of running seven coal-fired power plants for a year, according to a new report from the Center for American Progress.
    • Using 2014 data, the report says the top five U.S. methane emitters were ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), Chesapeake Energy (NYSE:CHK), EOG Resources (NYSE:EOG) and BP America.
    • The Obama administration has announced a goal to lower methane emissions from oil and gas by 40%-45% from 2012 levels by 2025, and the EPA also is preparing standards for methane emissions for current oil and gas wells.
    | Mon, Jun. 20, 7:11 PM | 56 Comments
  • Thu, Jun. 16, 12:19 PM
    • North Dakota’s crude oil production fell by the largest amount ever for a single month, sinking 6.3% to 1.04M bbl/day in April from a revised 1.11M bbl/day in March.
    • The North Dakota Department of Mineral Resources cites low crude oil prices but also windy weather throughout much of the month, which delays the fracking of wells, adding that it expects the slide to accelerate through May and into the summer.
    • There are 28 drilling rigs currently active in the state, up from 27 in May which was the fewest since July 2005; at its peak, North Dakota had 218 rigs drilling in May 2012.
    • Companies with a Bakken presence include: CLR, ERF, EOG, HK, HES, MRO, OAS, QEP, SM, STO, TPLM, WLL.
    | Thu, Jun. 16, 12:19 PM | 42 Comments